These 4 ASX shares are going BONKERS today

Slater & Gordon Limited (ASX:SGH) has been one of four big movers on the ASX today. Here's why their respective share prices have rocketed higher…

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It's been a disappointing day so far for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At lunch the index has dropped lower by 0.9% to 5,756 points with declines across the board.

However, four shares have gone against the grain today and rocketed higher. Here's why:

Bubs Australia Ltd (ASX: BUB) shares have rebounded from yesterday's sell-off and climbed 6% to 25.5 cents. The infant formula manufacturer has been making all the headlines since listing on the ASX last week via a reverse takeover. But fellow infant formula manufacturer Bellamy's Australia Ltd (ASX: BAL) might steal the spotlight on Friday the 13th when its shares are expected to finally come out of suspension.

Class Ltd (ASX: CL1) shares have jumped almost 6% to $2.95 after the self-managed super fund software provider released a quarterly update to the market. The fast-growing company announced an increase of 5,745 billable portfolios in the December quarter to a total of 130,216. During the quarter the Class Super platform increased its market share to 21.7% of the estimated 589,000 SMSFs. Although its shares aren't cheap, I believe its strong growth prospects justify the premium.

Praemium Ltd (ASX: PPS) shares have also surged almost 6% to 46 cents following the release of an update on its funds under administration. The global provider of investment administration, separately managed accounts, and financial planning technology platforms finished the year with $5.4 billion of funds under administration. This worked out to be an annual increase of 29% or $1.2 billion. I think Praemium has enormous potential and would be a great buy and hold investment.

Slater & Gordon Limited (ASX: SGH) shares have rocketed higher for a second day in a row, this time by 9% to 31 cents. The embattled law firm's share price has now risen a remarkable 31% in just two days after being thrown a lifeline in the United Kingdom. That lifeline is news that the Law Society is fighting proposals to raise the small claims limit to £5,000 for all personal injury claims. Despite this positive news, I would urge investors to stay clear of the company.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Bellamy's Australia and Class Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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